Gas prices down for fifth straight week: Forecast is for that trend to continue

Gas prices are down for the fifth straight week, and with the end of the summer driving season, we should be seeing prices continue trending down.

“Motorists rejoice! The national average price of gasoline prices has continued to slump for the fifth straight week. With the summer driving season now over, we have much to look forward to for the fall: more drops at the pump as demand drops seasonally, and the changeover to cheaper winter gasoline is just two weeks away,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which is reporting Tuesday that the average price for a gallon of unleaded is down 3.5 cents in Virginia, to $3.18 per gallon.

This is down 13.3 cents per gallon in the past month.

The national average price of gasoline has fallen 4.6 cents per gallon in the last week, averaging $3.28 per gallon today.

The national average is down 17.9 cents per gallon from a month ago.

The national average price of diesel has declined 0.2 cents in the last week and stands at $3.65 per gallon, a fresh multi-year low.

“As long as we don’t see a major hurricane head into the Gulf and the situation improves in the Middle East, the national average could fall below $3 in the next two months,” said De Haan, noting that GasBuddy is already tracking eight states at that level or lower.

“While diesel prices fell slightly last week, they may rise with winter growing closer and the economy’s likely rebound ahead of the Fed’s expected rate cut. So, while it’s great news for gas prices, diesel will likely soon see its seasonal rise kick in,” De Haan said.